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Finances_With_Purpose

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« on: May 10, 2021, 09:36:03 PM »
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« Last Edit: December 24, 2021, 12:29:23 AM by Finances_With_Purpose »

Sid Hoffman

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Re: Car question: used civic
« Reply #1 on: May 10, 2021, 10:00:14 PM »
In my opinion 15 years and 200,000+ miles is plenty of life to have gotten out of a car. All the issues you described are pretty classic old car problems. You mention more kids on the way, as in babies. I'm sure the vast majority here will argue you need to just keep this car forever and never buy a car again, switch to cycling and walking, etc but I'll be the outlier and say that this is potentially a good time to just go with a new car.

Now hear me out: generally that's a bad idea but you must have seen the same thing I've seen going on, which is that used car values are stupid right now. A friend of mine just sold his 1 year old Civic Si for slightly more than he paid for it new. Now that was a somewhat special case, in that Honda has discontinued the Si coupe entirely, so there simply isn't any way for people to buy a new Civic Si coupe but it highlights with an anecdote the absolute nonsense going on with used cars right now.

Meanwhile used cars, especially plain old sedans, are still getting discounted around my parts. Everybody wants trucks and SUVs so if you're willing to go for another Civic sedan, or a Corolla, any sedan or hatchback/wagon from Hyundai/Kia, or really just about anything "sedan" you can likely get a discount, low to 0% financing, and a higher than normal amount for your used car in trade. Keep that next brand new car for another 15 years and you'll have well and truly gotten your money out of that car too. This is kind of how I've done it, and I'm in my mid 40s having bought only 3 (economy) cars in my life so far, making cars a pretty minimal expense for what will have worked out to possibly all my working life by the time I am done with my current one.

Car accidents are generally the leading accidental cause of death for a huge number of our years on this planet, so for safety alone I think it's worth at least trying to keep cars to 10-15 years and newer, especially while your kids are very young and vulnerable.

draco44

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Re: Car question: used civic
« Reply #2 on: May 10, 2021, 10:08:39 PM »
Hi there. Re. Sid's comment, it's true that a repeating theme of this blog/forum is that walking and bicycles can get you further than many might assume. I generically support and defend that point, but in your case would follow up with a clarifying question: how many cars do you currently own? My first thought on reading your post was that if it's true that you can "live without another car for a good while" it might be worthwhile selling this second(?) vehicle now regardless of its condition, and see if your family can stay a one-car unit forever, or at least a long while until you have a much more pressing need. Going fully carless can be a big (but worthwhile!) transition for those who want to take it on, but going from two to one cars in a household is often a far easier switch. To me a big part of whether to keep or sell would be factoring what other transportation options you already have as a household.
« Last Edit: May 10, 2021, 10:26:16 PM by draco44 »

Paper Chaser

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Re: Car question: used civic
« Reply #3 on: May 11, 2021, 03:46:50 AM »
The replacement engine won't have much impact on value for most buyers. It won't hurt, but I wouldn't expect to get more for the vehicle because of it.

If you can afford to reduce the size of your vehicle fleet, now is definitely the time to do it.

I've heard quite a few good things about Carvana buying vehicles lately. They tend to have strong offers (although the newer/lower mileage a vehicle is the better their offer is likely to be), and it's a fast, painless process compared to trying to deal with the public at large via FB marketplace or Craigslist or something. I'd at least see what they'd offer you here:

https://www.carvana.com/sell-my-car

ChpBstrd

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Re: Car question: used civic
« Reply #4 on: May 11, 2021, 09:20:03 PM »
Because of the used car market insanity, now would be a great time to unload a car you don't need. If you can wait a couple of years for the next recession, you'll get a much better deal on the next one.

nereo

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Re: Car question: used civic
« Reply #5 on: May 12, 2021, 09:41:26 AM »
I recently sold a 06 civic through CarMax and it was a great experience. I asked a few dealerships what they would give me for the car (always: almost nothing/scrap) but I got slightly above the blue book value at CarMax with minimal fuss.

nereo

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Re: Car question: used civic
« Reply #6 on: May 13, 2021, 07:57:54 AM »
Really @nereo ?  I'll have to give them a shot.

Yup.  It was pretty painless, and true to their advertising it never felt pushy.  Because of Covid19 there wasn't even a test-drive... the guy took photos of the exterior and interior, had me turn the engine on and rotate the wheels, and that was about it.  It was sent to their "buyer" digitally and about 10 minutes later they gave me an offer good for 7 days. 

My car was far from pristine, either.... plenty of door dings, some light rust and ... oh yeah, a significant coolant leak (all of which we divulged).  Apparently CarMax re-sells all older vehicles to a 3rd party which mines them for parts to repair shops.

draco44

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Re: Car question: used civic
« Reply #7 on: May 14, 2021, 07:04:45 PM »
This has been really, really helpful.  You all read my mind.

Drive safely, OP! Not sure where you live but it sounds a little wild out there.

Happy to help. It sounds like you are doing a good job thinking through what might work best for your situation. It's unfortunately possible there won't be too much of a change in the heated used car market between now and fall, but whatever you do, if you do end up needing to need to buy this year, having some time flexibility and access to the neighboring relative's vehicles should give you the ability to take your time finding a good buy. That's tricky too about your work parking lot rules. You could consider car pooling with a colleague if needed for a while, but I could understand not wanting to wear out your buddy's good graces. Good luck to you!